Bitter stock market week ended bitterly

The Stockholm stock exchange started the day down, turned around when new American labor market statistics were published – but fell back in the late afternoon trading. As a result, the broad OMXS index has closed on minus all days of the week.

» Published: September 06 2024

Bitter stock market week ended bitterly
Photo: Fredrik Sandberg/ TT

OMXS fell 0.8 percent on Friday, and for the entire past week, it ended at minus 3.8 percent. However, since the turn of the year, OMXS has risen 6.4 percent.

Fewer jobs than expected were created in the USA last month, but the unemployment rate was in line with market expectations and did not come as a negative surprise. How the labor market develops in the USA is considered to have significant importance for how the American central bank proceeds with interest rate cuts, which in turn affects the stock market climate.

In the OMXS30 index of the most traded shares, the decline was broad. Only four companies closed on a plus, including the real estate company SBB and pharmaceutical giant Astra Zeneca, up 1.7 and 0.4 percent, respectively.

Among the major companies, the largest bank Nordea and heat pump manufacturer Nibe fared the worst, both losing 2.2 percent.

Outside OMXS30, the IT and medical company Sectra rose, releasing a report in the morning. The share price increased by 5.0 percent.

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TTT
By TT - Translated and adapted by Sweden Herald under license from TT

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